Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at curbing unhealthy competition in the futures brokerage business, promoting a shift from price wars to service upgrades, and ensuring high-quality development in the industry [2][6]. Industry Issues - The futures brokerage business is facing severe issues of market saturation and homogeneous competition, leading to practices such as "zero commission" and maliciously undermining competitors, which disrupt market order and negatively impact the industry's reputation [3][4]. - Such practices not only harm the development of individual futures companies but also restrict the industry's ability to effectively serve the real economy [3]. Regulatory Framework - The draft regulation defines unfair competition behaviors and establishes clear standards for identifying and addressing such actions, providing a solid basis for subsequent enforcement [4]. - It outlines a comprehensive process for managing commission fees, ensuring transparency and consistency in fee structures, and protecting customer rights [4][5]. - Eight categories of prohibited behaviors are specified, including misleading advertising and engaging in predatory pricing below service costs, aimed at maintaining market integrity and fairness [5]. Promotion of Healthy Competition - The implementation of the regulation is expected to break the cycle of unhealthy competition, encouraging futures companies to focus on enhancing customer service rather than solely competing on price [6]. - This shift will allow companies to invest more in improving trading systems, research teams, and customer service, ultimately raising the overall service quality in the industry [6]. Investor Protection - The regulation aims to enhance investor protection through standardized commission fees, improved feedback mechanisms, and clear prohibitions against misleading practices, fostering a more transparent trading environment [7]. - By reducing the risks associated with information asymmetry, investors will be better equipped to make informed decisions, thus safeguarding their rights [7]. Sustainable Development - The regulation is positioned as a crucial step towards breaking the cycle of price wars, reducing internal competition, and fostering a healthy market ecosystem that supports sustainable development in the futures industry [7]. - It encourages futures companies to focus on core competencies, including technological innovation and talent development, thereby enhancing their ability to serve the real economy effectively [7].

8月1日，中国期货业协会发布《期货公司经纪业务不正当竞争行为管理规则(征求意见稿)》(下称《规 则》)，直面行业同质化竞争加剧、内卷突出的典型问题，拟出台一系列措施维护公平有序的市场环 境，防止"内卷式"竞争，保障交易者合法权益。 受访人士普遍认为，《规则》将加快期货行业从"粗放式竞争"向"高质量发展"、从"价格战"向"价值创 造"转型。 行业"内卷式"竞争问题突出 期货经纪业务是期货公司的基础性业务，经纪收入约占行业总体收入的50%。但长期以来，期货公司经 纪业务面临市场严重饱和、竞争同质化白热化的局面。 中粮期货总经理吴浩军对上海证券报记者表示，当前期货行业存在较为严重的手续费恶性竞争问题。部 分公司在开发产业客户、零售客户和金融客户时，会给予低手续费甚至"零手续费"，以及高比例返还本 应促进期货发展的各项收益给客户。 吴浩军认为："部分期货公司以超低费率开发龙头产业、新品种产业，甚至是传统农业、有色及化工产 业客户，使得实体企业失去甄别能力，过度聚焦费率。结果就是，真正有能力、实力和经验的期货公司 无法走进和贴近产业，无法为客户提供高质量的研发和技术服务，导致客户在行情大幅波动时暴露在巨 大风险中，加剧 ...

行业"内卷式"竞争问题突出 期货经纪业务是期货公司的基础性业务，经纪收入约占行业总体收入的50%。但长期以来，期货公司经 纪业务面临市场严重饱和、竞争同质化白热化的局面。 中粮期货总经理吴浩军对上海证券报记者表示，当前期货行业存在较为严重的手续费恶性竞争问题。部 分公司在开发产业客户、零售客户和金融客户时，会给予低手续费甚至"零手续费"，以及高比例返还本 应促进期货发展的各项收益给客户。 ◎记者 费天元 8月1日，中国期货业协会发布《期货公司经纪业务不正当竞争行为管理规则（征求意见稿）》（下称 《规则》），直面行业同质化竞争加剧、内卷突出的典型问题，拟出台一系列措施维护公平有序的市场 环境，防止"内卷式"竞争，保障交易者合法权益。 受访人士普遍认为，《规则》将加快期货行业从"粗放式竞争"向"高质量发展"、从"价格战"向"价值创 造"转型。 《规则》明确了期货经纪业务活动的八大禁止性行为，涉及手续费问题的包括：向客户收取的手续费低 于交易所公示的手续费标准；以向客户收取手续费低于经纪业务服务成本的方式开展恶性竞争；变相提 高或者降低与客户约定的手续费收取费率或者手续费收取金额；采用虚假宣传的手段，欺骗和误导交易 ...

8月1日，中期协就《期货公司经纪业务不正当竞争行为管理规则（征求意见稿）》（下称《规则》）公 开征求意见，以规范手续费管理和明确禁止性行为为抓手，为行业划定竞争底线。 业内人士表示，新规的出台是监管层对"价格战"的纠偏，更是行业迈向高质量发展的关键一步。未来， 期货公司在合规框架下增强差异化服务能力，将是其突破同质化困局的关键。 破局"价格战" 为行业划定"安全线" 长期以来，期货经纪业务面临同质化竞争难题。方正中期期货首席风险官田冰直言，部分公司通过"零 手续费""高额返佣"甚至"亏本抢客"争夺市场，导致行业手续费率持续下滑，利润空间被严重侵蚀。利 润空间的持续压缩，使得期货公司在研发和服务上投入不足，核心竞争力被削弱，行业陷入"低质量内 卷"。 《规则》的出台直击期货经纪业务发展痛点。具体来看，《规则》明确了期货公司经纪业务手续费管理 要求，覆盖制度建设、科学定价、信息公示、严格履行、手续费回访等核心环节。 长期来看，新规将推动行业生态发生根本性改善。黄雪莲预计，新规将有效改变"劣币驱逐良币"的现 象，促使期货公司聚焦核心能力建设，强化综合衍生品服务商定位，为客户提供一站式风险管理解决方 案。随着行业转型 ...